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A new all-time high for the ASX today with the market hitting 8462 in early trade before backing off from the milestone. Property stocks the main driver of gains, though, as was the case last week when the market pushed up, sellers took the opportunity to sell into strength, with the banks a noticeable omission from today’s gains – only Comm Bank (CBA) finishing higher.
The banks and resources hugely influence the ASX200, with the latter in the doldrums through most of 2024. Trump’s emphatic victory earlier this month exacerbated this underperformance. This morning, we’ve reconsidered what comes next as Beijing fails to deliver the bazooka-style stimulus many anticipated.
The ASX200 ended the week over 1% higher after posting fresh all-time highs on Tuesday. The energy and Utilities sectors advanced over 4%, while the tech, real estate, and consumer discretionary sectors were the only three out of the 11 to lose ground. Under the hood, the gold and uranium miners stood out in the winner’s enclosure while lithium stocks continued to decline – a theme that is not being mirrored in the United States with Albemarle (ALB US) up nearly 50% from its recent lows; elsewhere, cracks appeared in parts of the high-flying tech stocks. Company AGM’s as expected, threw up some volatility on the stock level:
A good session to end a choppy but ultimately positive week for the market that included a new all-time high for the ASX200 on Tuesday at 8446, and a new closing high today at 8393. Lots of corporate news coming from AGM’s, with a few hits, but more misses.
We are adding to a position in the Active Growth Portfolio
The ASX200 surrendered early gains on Thursday to finish the session down just 3 points, holding above 8320 technical support. How the US would react to Nvidia’s (NVDA US) result, delivered yesterday morning our time, was a hot topic of conversation that kept many players on the sidelines as the early reaction was muted, the stock initially dipping 5% in after-market trade.
The ASX drifted mildly lower today in a quiet session at the index level with November options expiry dominating flows. A long list of AGMs headlined by MinRes (MIN), while there were some hits and misses elsewhere with several companies providing trading updates.
The ASX200 drifted lower throughout Wednesday to finish a disappointing session down -0.57%, with over 80% of the main board closing lower. It was a “risk-off” day for the local bourse, with concerns around Trump’s looming tariffs and the Ukraine-Russia War weighing on sentiment.
The markets keyed off the last hour of yesterdays session and fell away progressively throughout the day, and from a technical perspective, the bullish new high at 8446 that has now potentially failed is at risk of being a false breakout, a bearish pattern.
The ASX200 was soaring towards 8450 around 3pm yesterday afternoon before an aggressive sell order swept through the market, leaving it up 74-points/0.9%; it still sounds like a great day, but in the last hour on Tuesday, over half of the day’s gains had been wiped out.
